JPMorgan Overcharged and Foreclosed on Soldiers, but they're Sorry (Sorry they got caught)
source: http://abcnews.go.com/Politics/jpmorgan-testifes-congress-apologizes-foreclosures-hiking-int...
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- bundlebear
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The giant financial institution failed to comply with the Servicemembers Civil Relief Act, which provides active duty soldiers, who purchased a home prior to the start of their active duty, a 6 percent cap on their mortgage interest rate and any other fees while they are on active duty and for a year after they are discharged.
Stephanie Mudick, head of Consumer Practices at JPMorgan Chase & Co., admitted Chase failed to comply with all aspects of the law and apologized to soldiers for violating the guarantees set forth by the Servicemembers Civil Relief Act.
"I'd like to express to the men and women serving our country and to the members of this Committee Chase's deepest regret over the mistakes we made in applying those protections," Mudick said. "I commit to you that we will get this right."
Rep. Bob Filner, D-Calif., ranking Democrat on the committee, wasn't satisfied with the bank's apology. "You just cannot apologize and give back people 70 bucks and to think this is over," he said. "This is not over for them. But you've broken the law, you've ruined people's lives and people ought to take responsibility for that."
For Marine Capt. Jonathan Rowles and his family, their pursuit of the American dream of homeownership turned into a fiv-year nightmare saga with Chase overcharging the family on interest payments, threatening to foreclose, and offering little help to fix the solution.
"This is like a bad movie except they're living it. While they're trying to defend us, they're catching friendly fire, so to speak from this country," Richard Harpootlian, the Rowles family's attorney, said. "The penalties need to be stiffer. The banks need to understand that they're not going to have their way with our American fighting men and women."
Rowles did everything right. He sent Chase a copy of his active duty orders and sent them again when Chase couldn't find the first set. Rowles and his wife, Julia, didn't miss a mortgage payment, but according to their attorney, Chase failed to credit them for the payments and then launched a determined collection agency campaigns. The calls came three times a day, some after midnight and at 4 a.m.
"While Jonathan is away either in training, flight school or any of his Marine Corps duties, I was left at home to deal with Chase and their problems," Mrs. Rowles said. "We have two children. One of them was born prematurely and had to have a lengthy stay in the hospital, but yet at the same time I'm dealing with Chase and getting their phone calls, getting their harassment around the clock.
All of this was happening while Capt. Rowles was serving out of the country, his wife Julia was home with a young child and pregnant with another one.
http://abcnews.go.com/Politics/jpmorgan-testifes-congress-apologizes-foreclosure...
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- Community, Politics, US Politics, US News, 7 more
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- tags:
- Military, Banks, Foreclosure, JP Morgan, 2 more
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laughingcynic
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And Joe Six Pack yawns whilst leaning back in his La-z-Boy, cold Bud-in-coozie, emitting greenhouse gases. Oh, and he has a yellow ribbon on his SUV to demonstrate his love for country.
- 1 year ago
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laughingcynic
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hmorehead
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Don't war profiteers get shot, I mean ejudicated? They did it knowingly. W set the tone by reining in regulators.
- 1 year ago
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hmorehead
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Incredulous
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"But you've broken the law, you've ruined people's lives and people ought to take responsibility for that."
Now when are they going to get around to saying that to Bush and company?
- 1 year ago
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Incredulous
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Mark701
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Was JP Morgan fined? Were they put on trial for breaking the law? No. Wish I could steal millions of dollars then slip away with nothing more than a forgettable reprimand.
- 1 year ago
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Mark701
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BamaDem
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Mark701:
We should work on a good scam. We can just name it "The Bank". Caviar for breakfast!! Yum!
- 1 year ago
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BamaDem
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Mark701
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BamaDem:
It's got potential. :)
- 1 year ago
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Mark701
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noxidereus
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Whoever says that capitalism leads to the best of everything is a moron. Whoever says that capitalism isn't leading to the best of everything because we don't have real capitalism because there is too much regulation is an even bigger moron or a liar, and probably an a-hole.
- 1 year ago
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noxidereus
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ApeFace
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noxidereus:
So what do you suggest... Lets clone Hitler, Stalin, Mao, Hirohito, Lenin, Mussolini.. your pick master noxidereus!
- 1 year ago
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ApeFace
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Wolverineusmm
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Dam Deregulations of the Banking System and Double Dam people who think President Obama isn't doing enough to help our service men and women. He's been stonewalled by Republicans from pay raises to our troops to VA Benefits.
If they were serious about ending the War, start the Draft and impose a War Tax. After that, Politicians will be falling over the aisles in the House and Senate to stop the War. How many supporters will still remain faithful to their parties if they draft their sons and daughters, plus if we stop borrowing money from China and start a War Tax that'll affect Big Business bottom lines. Profits over people.
- 1 year ago
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Wolverineusmm
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BamaDem
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Wolverineusmm:
I feel the same way. I only wish our President would take a refresher course in Executive Order 101. Not everything takes an Act of Congress, use the tools.
- 1 year ago
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BamaDem
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hammywill
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BamaDem:
You know, despite my anger at Congress, I can not believe how many people have no problem with the Executive Branch usurping Legislative powers. Show me where in the Constitution that the President of the United States has the power to enact Legislation. (An Executive Order is a piece of Legislation that is enacted through the Executive Branch.)
- 1 year ago
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hammywill
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Seauvan
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This is disgusting! Imagine returning from your second or third tour in Afghanistan, having spent every single day avoiding being killed, only to find your spouse and kids have been kicked out of your home. The sociopathic cruelty of the banking and insurance industries rivals that of any terrorist organisation.
- 1 year ago
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Seauvan
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twinite
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I'm afraid their apology and their promise to "do better" combined amounts to nothing at all. If they hadn't gotten caught, they would still be doing it.
- 1 year ago
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twinite
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Weedy_Seadragon
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JP Morgan violating the law! Is this the only example? Inquiring minds want to know...
- 1 year ago
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Weedy_Seadragon
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figgdimension
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Weedy_Seadragon:
to many to list here see archive http://figrd.blogspot.com
- 1 year ago
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figgdimension
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RTKoenig
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If this latest outrage doesn't stir Americans to take action, I guess nothing will. I want to encourage all veterans and current service members to boycott JPMorgan Chase immediately. An apology and a pathetic $2 million payment doesn't begin to correct this disgusting outrage. While it is probably too much to hope that the Justice Dept. will prosecute the executives responsible, ordinary folks can make their feelings known in the only way these greedy vermin understand. Don't invest your hard-earned dollars with a bank that cheats our troops. Boycott JPMorgan Chase!
- 1 year ago
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RTKoenig
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Robert_Miller1
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If they broke the law they need to pay.
This is the perfect opportunity to set the standard.
Break the law while collecting a debt and lose all right to collect that debt.
- 1 year ago
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Robert_Miller1
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mastroiannic
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"Rowles did everything right. He sent Chase a copy of his active duty orders and sent them again when Chase couldn't find the first set". I see Oppressed1 also has a similar circumstance in regards to sending in things. I have three credit accounts, my car, dell and a retail store, I joined after already having these accounts, once I found out about the Service Act I immediately attempted to get in on it. Toyota claimed that it was to their discretion whether or not i get the 6%, with the aid of an office on the base I was at and sending my info in twice they finally lowered it. Dell required me to fax my info in, which i did and then it somehow got reset a year later, so i had to send in my info again... three times, and the retail store I sent my info into had me ending my enlistment early as well, so that had to be corrected. It's funny how they only mess up in their favor these companies. I don't view the people behind these entities all that differently then I view other enemies of our country any more.
If a thief steals from a store they risk much, yet a company can steal from the people and are barely penalized. Anyone who knows specifically individuals who willingly & purposefully act in ways that would harm their fellow citizens for their own greed, should act upon that knowledge.
- 1 year ago
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mastroiannic
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BamaDem
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mastroiannic:
Makes you wonder who should be wearing the ski mask. In this take, it is the ones that have control of the cash drawer and the little calculator on their side.
- 1 year ago
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BamaDem
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CommonSensenBda
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Wait for it....! The Republicans wil be apologizing to Morgan Chase in tomorrows session.
- 1 year ago
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CommonSensenBda
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ThatCrazyLibertarian [removed]
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CommonSensenBda: This comment was removed by its owner.
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ThatCrazyLibertarian [removed]
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Weedy_Seadragon
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ThatCrazyLibertarian:
Yep... you are a crazy libertarian. The White House is not the bank.
For you to make the association is a crazy connect.
See a psychiatrist and take a pill. - 1 year ago
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Weedy_Seadragon
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ThatCrazyLibertarian [removed]
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Weedy_Seadragon: This comment was removed by its owner.
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ThatCrazyLibertarian [removed]
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Weedy_Seadragon
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ThatCrazyLibertarian:
The fact is, he doesn't work for JP any longer.
- 1 year ago
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Weedy_Seadragon
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ThatCrazyLibertarian [removed]
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Weedy_Seadragon: This comment was removed by its owner.
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ThatCrazyLibertarian [removed]
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BamaDem
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ThatCrazyLibertarian:
I have to agree. I believe that many great men have campaigned on many great things to achieve within their time at 1600 PA, but just after inauguration, the real government comes to visit and lays down the rules. "We let you become President, but here is how it goes". We know from facts what the banks did on purpose in the 20s to leverage their power. Nothing different 90 years later. They have no care for individuals or their country for that matter. As long as there is fresh 100 dollar bills everynight to lay upon before their angelic slumber, all is good. Screw everyone else.
- 1 year ago
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BamaDem
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Varex_Sythe
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Weedy_Seadragon:
Ok, so he doesn't work for JP Morgan anymore. Did he get rid of his JP Morgan stock options when he became the Chief of Staff? Does he no longer have "friendly" connections in JP Morgan that he might want to "maintain"?
- 1 year ago
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Varex_Sythe
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oppressed1
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I have sent my orders 3 times, and my credit card is still at 12% anyone know who I should contact about these ass holes? The BBB perhaps?
- 1 year ago
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oppressed1
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Dagum
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oppressed1:
BBB or your state probably has some sort of consumer projection agency, Department of consumer affairs etc. You might want to file a complaint with them first. .
You also might want to file a complaint with the Federal trade Commissions Bureau of Consumer Protection.
(here is the link just click on the "file complaint tab at the top center right"). http://www.ftc.gov/bcp/index.shtml
- 1 year ago
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Dagum
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ourvoice
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oppressed1:
Dagum gave good advice to follow and most forms are online.
In addition, I would re-send copies of your orders to the credit card company with a letter detailing the facts of your current situation and your past experience when notifying them (this makes a nice paper trail, should you find yourself in court over the matter). Send copies of everything to your congressman and senator with cover letter explaining why you are contacting them and make sure you keep copies of everything for future references.
Make sure your letter to the credit card company shows that you have cc'd your legislators.
i.e.:
cc: Congressman
cc: Senator - 1 year ago
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ourvoice
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artemis6
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oppressed1:
The BBB is made up of businesses , and contrary to popular marketing info , not able or willing to help you . Get a good lawyer , friend . I know you shouldn't have to , corporate robbers should go to jail , like any other thief , but that is your only chance , unless you know a powerful political personality that can pull some strings .
- 1 year ago
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artemis6
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artemis6
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Dagum:
I bet the line is long to get help from them these days and the budget has been cut .
- 1 year ago
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artemis6
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BamaDem
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oppressed1:
Start by creating a full subject on it and give the details. Then make sure they know you are advertising to the world that they are all Dicks. Now is a good time for them to be exposed.
- 1 year ago
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BamaDem
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KSirys
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and i ask... where's Obama? why isn't he talking about this? and doing something about it????
or was the superbowl and nba all-star more important???
- 1 year ago
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KSirys
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twin1616
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I feel very bad for the family. Being a military spouse whose husband was often deployed I know what it was like when everything is on your shoulders. But who wrote the caption using the WRONG form of the word there. Come on Current TV. Get it right. You are running with the big dogs now.
- 1 year ago
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twin1616
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Dagum
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twin1616:
Current's articles are submitted by users like you and I; not the staff of current TV. The user also writes the headline. You should try posting a story. You will see what I mean.
- 1 year ago
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Dagum
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bundlebear
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twin1616:
sorry i'm a nurse not an english major
- 1 year ago
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bundlebear
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Angeliron
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Fucking JP Morgan! That's the Recess Bell Motherfuckers,there is NO yard duty Teacer that can save you!
- 1 year ago
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Angeliron
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littlwarrior
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Angeliron:
no one can save them from this, I am half tempted to rally some peeps, and go egg and TP the nearest branch. Sure its random and kinda immature but its better than what I really want to do, which I def wont do cause I am way to pretty for prison.
- 1 year ago
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littlwarrior
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hammywill
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littlwarrior:
Nothing is going to happen to Chase.
- 1 year ago
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hammywill
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littlwarrior
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hammywill:
not unless the people make it. our corrupt government will posture make some noise and then take the execs to the back rooms and talk about how much they really do appreciate all those campaign contributions.
- 1 year ago
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littlwarrior
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hammywill
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littlwarrior:
Exactly my point. The people won't make it happen, they'll bitch and moan, and MAYBE they will move their money out of Chase and into.....Bank of America. Because they are stupid and lazy.
- 1 year ago
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hammywill
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jesus_is_a_liberal
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Chase is a bunch of greedy, incompetent, thieves and liars! I quit! I am done. You muther fucking assholes!
- 1 year ago
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jesus_is_a_liberal
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KSirys
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jesus_is_a_liberal:
voted up!
- 1 year ago
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KSirys
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Neenose
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oh boy! The headline should read, "......they're sorry."
- 1 year ago
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Neenose
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littlwarrior
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Oh fuck that noise, you don't get to mess with veterans and get a pass on "my bad" f that noise. This bank needs super bitch slap, I wont bank with them ever now, hell no. I am also going to call my congressman and senators and demand some serious retribution. I mean stripped and beat in public retribution, so pissed. grrrrrrrrrrr
- 1 year ago
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littlwarrior
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keithponder
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littlwarrior:
I hope they all burn in hell.
- 1 year ago
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keithponder
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Weedy_Seadragon
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keithponder:
Banks are like pig iron under water, no chance of burning. It will take the end of time to end Banking.
- 1 year ago
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Weedy_Seadragon
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ThatCrazyLibertarian [removed]
- This comment was removed by its owner.
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ThatCrazyLibertarian [removed]
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bundlebear
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ThatCrazyLibertarian:
don't be mean like that scum is better then them
- 1 year ago
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bundlebear
